Kyobo Life has new year IPO wish

Kyobo Life Insurance, Korea’s third-largest life insurance firm by total assets, has decided to seek an initial public offering next year to raise capital in the face of new risk-based capital regulations.

The decision was made during a board meeting of Kyobo Life’s directors on December 11 in Seoul.

If the IPO goes ahead, Kyobo woud become the sixth life insurance company to go public on the Korean stock exchange along with Hanwha Life, Mirae Asset, Orange Life, Samsung Life and Yong Yang.

The move comes after a July directors’ board meeting to discuss ways to increase its capital buffer in preparation for tougher regulatory standards that will measure the financial strength of insurers.